Q3 Electric Vehicle Sales Surge 28% Year-on-Year

Q3 EV sales, including BEVs (Battery EVs), PHEVs (Plug-In Hybrid EVs), and FCEVs (Fuel Cell EVs), grew 28.1% year-on-year to 3.455 million units, according to TrendForce.

BEVs accounted for approximately 70% of these sales, while PHEVs experienced a significant growth of 47.8% year-on-year.

In terms of top brands in Q3, Tesla secured the first position, closely followed by BYD. When considering the sales of BYD group's subsidiary brand Denza, BYD outperformed Tesla.

GAC Aion, Volkswagen, and SAIC-GM-Wuling maintained their positions as the third, fourth, and fifth top brands in the third quarter.

After a hiatus, NIO returned to the list and ranked ninth. However, the company continues to face significant losses and layoffs.

PHEVs, which offer the convenience of two energy sources and resolve BEV charging challenges, continue to enjoy strong sales in China and the US, despite being excluded from the NEV category in some European countries.

BYD remains the leader in the PHEV market, actively expanding its brand and portfolio. In addition to Denza, the group also includes its luxury EV car brand Yangwang and the rugged, off-road-focused Fangchengbao.

Securing the second place with a 10% market share, Li Auto achieved its first quarterly sales milestone of over 100,000 units, benefiting from the rising demand for large SUVs in China.

While BMW and Mercedes-Benz are steadily growing, they face the risk of being overtaken if they do not expand rapidly enough.

TrendForce forecasts a 32% growth for EV sales in 2024, with total sales expected to reach 17 million units. However, there are indications that the market is shifting, such as the delayed electrification of major American automakers, layoffs, and scaled-back investments in battery production.